Citadel Advisors LLC reduced its stake in shares of TCF Financial Co. (NYSE:TCF) by 27.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,886,093 shares of the bank’s stock after selling 711,076 shares during the quarter. Citadel Advisors LLC owned 2.64% of TCF Financial worth $39,212,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. CNH Partners LLC acquired a new stake in TCF Financial in the first quarter worth about $40,713,000. Neuberger Berman Group LLC increased its position in shares of TCF Financial by 0.6% during the 1st quarter. Neuberger Berman Group LLC now owns 1,708,964 shares of the bank’s stock worth $35,356,000 after purchasing an additional 9,394 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of TCF Financial by 3.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,172,605 shares of the bank’s stock worth $24,379,000 after purchasing an additional 35,506 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of TCF Financial by 32.9% during the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,136,500 shares of the bank’s stock worth $23,628,000 after purchasing an additional 281,057 shares during the last quarter. Finally, Deprince Race & Zollo Inc. increased its position in shares of TCF Financial by 38.1% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,089,696 shares of the bank’s stock worth $22,655,000 after purchasing an additional 300,691 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.
TCF has been the topic of several recent analyst reports. Raymond James set a $28.00 price target on TCF Financial and gave the stock a “buy” rating in a research report on Friday, July 26th. Piper Jaffray Companies set a $52.00 target price on TCF Financial and gave the stock a “buy” rating in a report on Friday, September 13th. BMO Capital Markets began coverage on TCF Financial in a report on Friday, August 2nd. They set an “outperform” rating and a $51.00 target price on the stock. JPMorgan Chase & Co. reissued an “overweight” rating and set a $47.00 target price on shares of TCF Financial in a report on Friday, August 16th. Finally, UBS Group boosted their target price on TCF Financial from $24.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $35.36.
TCF Financial (NYSE:TCF) last released its quarterly earnings results on Thursday, July 25th. The bank reported $0.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.07. The business had revenue of $363.80 million during the quarter, compared to the consensus estimate of $365.47 million. TCF Financial had a return on equity of 14.01% and a net margin of 20.10%. The firm’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 EPS. As a group, analysts anticipate that TCF Financial Co. will post 1.95 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were paid a $0.35 dividend. The ex-dividend date was Wednesday, August 14th. This is an increase from TCF Financial’s previous quarterly dividend of $0.15. This represents a $1.40 annualized dividend and a yield of 3.53%. TCF Financial’s payout ratio is 73.68%.
TCF Financial Profile
TCF Financial Corporation operates as the bank holding company for TCF National Bank that provides various financial products and services in the United States and Canada. It operates through Consumer Banking, Wholesale Banking, and Enterprise Services segments. The company offers checking, savings, and money market accounts; certificates of deposit; and individual retirement accounts.
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